Sales of previously occupied U.S. homes fell last month to the slowest pace since January, as elevated mortgage rates and a stubbornly low inventory of homes on the market combined to discourage many would-be homebuyers.
Existing home sales fell 2.2% last month from June to a seasonally adjusted annual rate of 4.07 million, the National Association of Realtors said Tuesday. That’s below the 4.15 million pace that economists were expecting, according to FactSet.
The national median sales price rose 1.9% from July last year to $406,700, marking the first annual increase in prices since January. Roughly 35% of homes sold in July fetched more than their list price, said Lawrence Yun, the NAR’s chief economist. The shortage of homes for sale has kept the market competitive, driving bidding wars in many places, especially for the most affordable homes.
The average rate on a 30-year home loan hovered just below 7% last month and has continued climbing, reaching 7.09% last week, according to mortgage buyer Freddie Mac. The average long-term U.S. mortgage rate is now at its highest level in more than 20 years.
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